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In the previous EUR/USD forecast we noted that nothing suggested an end of the long term bearish momentum. However should the 1.14 resistance fail, we might see the opening of the upper region of up to 1.22. In the meanwhile 1.18 would be the medium term bullish target. The upper bollinger might also function as an immediate resistance. Bearish return might see 1.12 followed by 1.11.
Looking at the EUR/USD weekly chart above we note that the currency pair had a wide range for the week. It spiked and nearly reached the 1.18 medium term bullish target as mentioned. It has since retreated and is testing the bearish resistance of 1.12 as expected.
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